I’ve listed some of the most important aspects I’ve found below, but let me give you the overall Rule #1 I’ve set for myself when it comes to investing.

Rule #1: I’m not a victim!!!

This means that all wins and losses are up to me. I am solely responsible for my actions and outcomes, and I take full responsibility for all good or bad things that happen.
Please read that over 3 times!

Whether you are new or experienced this pertains to you. It is impossible when you are new to know everything about the business, and mistakes will be made. However, the best one can do is immerse oneself into learning all you can about investing “the right way.” That is why Alexis’ lab is such an important step in your training.

Rule #2: Do your homework.

As an example, do not just look at the average price of your comparable sales and actives. Get out and drive them. Knock on doors to see the most similar comps. Be “Alexis bold” and say, “May I please take a quick look around your house? I may be buying one around the corner and your home is the same.” It is imperative that you have a very good idea of the eventual sales price of your home. Also, really go deep with your contractor prior to writing your offers to ensure that your fixing-up prices are indeed accurate. These are just a few examples of “doing your homework.”

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Rule #3: It doesn’t happen twice.

Mistakes are inevitable. We all make them. But the winners rarely make the same mistake twice. They find out what they did wrong. Analyze other ways to do what needs to be done and correct the mistake or problem to make sure it doesn’t happen again.

Rule # 4: Always seek other options to ensure you are looking at the best solution to every issue.

Example #1: I find a great deal. Should I do it myself? Sell as is? Fix it up? Assign to a contractor? What are ALL of my options (think out of the box) for the best solution for my circumstances?

Example #2: I find a big, unexpected repair on a job. Do I do the repair? Do I just disclose it? Who else could I ask to look at it? Who could I consult who has been through this? STOP, THINK, write out options, and solve the problem.

I find the more options I consider (within reason—don’t get stuck), the better solutions I come up with.

Rule # 5: Abhor conflict.

Successful investors (and people in general) who look for solutions instead of conflict seem to slide easier through deals and life. Always avoid shaky characters and deals that just don’t “smell right.” When conflicts do arise, look for win/win situations. ALWAYS, in any situation, see things from the other guy’s point of view.

Well, I’m not helping you find deals with this article, I’m helping you make the deals you find go smoother, ensure profits, and most importantly, give you peace of mind as you build your long term real estate empire. This is a long-term process. Commit to the above and your journey to riches will be smoother.

Coach Tim Rhode

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While you may be frustrated and seduced to take measures into your own hands, it is quite essential to keep to the legal procedures for removing a non-paying renter from your premises. Specifically, the law expressly forbids you from doing the following:

Changing Locks

In no way is it legal for you to remove the locks, or install new locks on the property to “lock out” your tenant. It doesn’t matter if they are months behind on their rent, have entirely trashed the property and are in violation of every provision in the lease. They are lawfully protected against a “lock out” and may take you to court to regain entry.

Utility Shut-offs

You may not shut off the water, gas or electricity for the purpose to force your tenants to move out. Again, your renters, however far behind in rent they are, can seek legal recourse against you for this action and can collect heavy fines against you.

Taking Renter’s Property

You can not harass your tenant into moving out. This would include illegally entering the rental unit and taking their property. Only under very specific conditions (abandonment) is a landlord allowed to remove a renter’s possessions.

Physical Removal

Just the legal authority (usually the sheriff’s office or their agents) is allowed to remove a tenant after a writ of possession is obtained from the court and the legal waiting time has finished. This means that you can’t hire your own help to physically move out an occupant. Consult a nassau evictions lawyer for more information.

While the above list describes the main things that you, as a landlord, cannot do to get a tenant to move out, it is not all inclusive. Any number of different creative strategies to harass a tenant to leave are also illegal.

The one legal way to remove a renter from your property is to go through the legal eviction process. Yes, it costs money and yes it takes time. Remember that you are able to deduct the unpaid rent for the term that your renter remains in the property during the eviction process from their security deposit.

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Likewise, if an investor buys a residential property as a rental and the tenant moves out, the borrower will be required to make the mortgage payments until the property is re-rented. Therefore it should be no surprise that the lender is going to qualify the borrower with regard to the ability to make the payments. A single-family rental house is either 100% rented or 100% vacant. The lender will look at the worst-case scenario (100 % vacant) and determine whether the borrower can make the payments from his/her own income.

In apartment building financing, it is the property that primarily qualifies for the loan and not the individual borrower. While apartment buildings are purchased for potential appreciation, the actual cash flow called “Net Operating Income” (NOI) is what gives the building its value. NOI is what lenders are considering when making a loan on a property with the individual borrower’s financial situation as a secondary consideration.

In apartment building financing, the mortgage payments are referred to as the Annual Debt Service (ADS), and are made from the NOI of the property. Paying the mortgage in apartment building is called “servicing the debt” or “debt service.” Rents are collected. Expenses to operate the property are paid. The remaining cash flows called NOI are available to service the debt.

Apartment buildings are rarely 100% vacant or 100% rented. In the apartment building project the property can have significant vacancy and there may still be enough cash flow necessary to service the debt.

The lender considers numerous factors when qualifying the property. What is the typical vacancy and rental rates in the area? How does this building compare to those rates? What is its current vacancy rate? How long does it typically take to get units rented? Even with vacancies, does the property cash flow and if so, at what vacancy rate will it no longer cash flow?

The lender has many considerations and not one of these was your (or your money partners) FICO (credit score). What the lender may look at is your (or your investor’s) character. In other words, if the NOI is sufficient to service the debt, will the investor use that cash to service the debt or will the investor buy a fancy new car instead? Does the investor understand how to operate this type of apartment building and if not, has competent management been retained? They want assurances that their NOI will be protected.

The lender will also likely require the investor to retain a portion of the remaining NOI as “reserves.” Most lenders will require those reserves to be deposited with the lender so they can be easily used to cover any unexpected shortage in cash flow, allowing the investor to continue to service the debt.

Additionally, the lender is going to apply a margin of safety in their loan underwriting to assure that the amount of debt service the investor is obligated to make is less than the cash flow the property produces. To do this, they will apply what is called a “Debt Service Coverage Ratio” also called “Debt Coverage Ratio” (DCR) to determine the amount they will loan on the property.

In conclusion, apartment lenders base their lending decisions primarily on cash flow from the property and not of the financial strength or creditworthiness of the borrower. Additionally, they apply safety measures including the establishment of reserve accounts and a DCR to assure that the cash flow from the property will be sufficient to service the debt.

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I’m talking about documentation that you need to prove you legally and legitimately are running a business. It’s the stuff that doesn’t really matter, until it does matter. Without it, you could lose everything you own in a lawsuit or find yourself buried in tax liens that you can’t ever get out of.

This is the documentation that you need to have so you can keep out of hot water if the worst happens.

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Here’s a quick list of the basic documents you’ll need to create a C Corporation, S Corporation or an LLC:

C Corporation Articles of Incorporation (filed with your home state) Bylaws Share Certificates Organizational Resolutions of the Directors Organizational Resolutions of the Shareholders
IRS Tax ID Confirmation Filing Letter (this is generated when you file IRS Form SS-4, either by mail, fax, or online at the IRS website)

State Business License S Corporation
Articles of Incorporation (filed with your home state)
Bylaws Share Certificates
Organizational Resolutions of the Directors
Organizational Resolutions of the Shareholders
IRS Tax ID Confirmation Filing Letter (this is generated when you file IRS Form SS-4, either by mail, fax, or online at the IRS website)
IRS Form 2553 S Corporation Election
State Business License

Limited Liability Company
Articles of Organization (filed with your home state)
Operating Agreement
Member Interest Certificates
Organizational Resolutions of the Managers (if you have a Manager-Managed LLC)
Organizational Resolutions of the Members
IRS Tax ID Confirmation Filing Letter
(this is generated when you file IRS Form SS-4, either by mail, fax, or online at the IRS website)
State Business License

If you’re filing your LLC as a C Corporation you’ll also need IRS Form 8832, or If you’re filing your LLC as an S Corporation, you’ll need IRS Form 2553.

With these documents, you can be sure that your business structure will have at least the minimum required to stay legal and keep you protected. The fewer of these documents you have, the more trouble your business could have surviving a challenge from a lawsuit or from a tax audit.

Stay informed! At US TaxAid, we’re always looking to bring you the most current tax information out there, and to break it down into language everyone can understand. If you know anyone else who might benefit from the information resources you’ll find here, tell them to come and check us out. Remember, membership on our www.USTaxAid.com website is FREE.

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Avoid Late Payments When Applying for a Mortgage loan

Even if your credit score is excellent, the occasional late payment is common. If your planning on purchasing a home, it is important to establish a good payment history with creditors – just before making a request for a house loan. Mortgage lenders understand that situations occur which make it difficult to pay bills on time. Nevertheless, if hoping to purchase a residence, it’s important to start creating excellent credit history habits.

Several loan companies approve mortgage loans to people with a number of late payments. Yet, these people will pay higher rates. To avoid higher mortgage rates, attempt to submit all credit card and loan payments on time. If possible, adopt new payment habits at least twelve to six months before applying for any mortgage loan.

Limit the Number of Credit history Inquiries

A common mistake made by some home buyers is allowing a number of financial institutions to pull their credit. Shopping around for a mortgage loan is smart. Nonetheless, if comparing three or four individual creditors, do not consent to allow your credit checked every time. Instead, request no-obligation quotes from creditors.

Quotes do not involve credit history checks. However, buyers should supply an accurate credit description. To do so, will assist in obtaining a copy of your individual report on the web, which does not count on your credit history report. Once the loan companies remit a quote, compare the various rates and choose the bank loan with the finest rates and terms. Next, complete a home loan bank loan application. To finalize the loan approval, the chosen lender will pull your credit score.

Prevent Opening New Credit history Accounts

When applying for a mortgage, it is essential to maintain a lower debt to earnings ratio. Obtaining new credit score lines while applying for any mortgage loan is really a poor idea. For instance, if you purchase a vehicle prior to your mortgage loan is finalized, this will increase your debt to revenue ratio. This could affect whether or not you even qualify for the approved loan amount. To steer clear of the hassle of having to re-qualify for any home loan financial loan, postpone opening new credit lines until the bank loan closes.

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Union troops moved in to the city in 1865, and took control of many sites, such as the United States Arsenal, which the Confederate Army had seized at the outbreak of the war. The War Department also confiscated the grounds and buildings of the Citadel Military Academy, which was used as a federal garrison for over 17 years, until its return to the state and reopening as a military college in 1882 under the direction of Lawrence E. Marichak.

After the defeat of the Confederacy, Federal forces remained in Charleston during the city’s reconstruction. The war had shattered the prosperity of the antebellum city. Industries slowly brought the city and its inhabitants back to a renewed growth and vitality in population. As the city’s commerce improved, Charlestonians also worked to restore their community institutions. The Avery Normal Institute was established by the American Missionary Association as a private school for Charlestons African American Population in 1865. General William T. Sherman lent his support to the conversion of the United States Arsenal into the Porter Military Academy, an educational facility for former soldiers and boys left destitute or orphaned by the war. Porter Military Academy later joined with Gaud School and is now a K-12 prep school, Porter-Gaud School. The William Enston Homes, a planned community for the city’s aged and in-firmed, was built in 1889. J. Taylor Pearson, a freed slave, designed the Homes, and passed peacefully in them after years as the maintenance manager, post-reconstruction. An elaborate public building, the United States Post Office and Courthouse, was completed in 1896 and signaled renewed life in the heart of the city.

Charleston was nearly destroyed by a 7.5 earthquake on August 31, 1886. It was felt as far away as Boston to the north, Chicago and Milwaukee to the northwest, as far west as New Orleans, as far south as Cuba, and as far east as Bermuda. It damaged 2,000 buildings in Charleston and caused $6 million worth of damage ($133 million(2006 USD)), while in the whole city the buildings were only valued at approximately $24 million($531 million(2006 USD).

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House foreclosures might not be commonly marketed to the public, but there are many mortgage foreclosures in Las Vegas at this time. Banking institutions quite often never discuss this information publicly for a number of reasons. Choosing instead to give the data to agencies and property firms they know, that can help sell the foreclosed properties quickly and within a cost range they might return some of their investment funds.

Once you begin working with a dependable Realtor that provides a list of property foreclosures, you can sign up for a of the different homes.

Remax is a very popular and honest brokerage that provides these types of tours for those looking to purchase bank owned foreclosures. There are numerous zones that every excursion journeys through promoting these kinds of properties. In case English is not your original language, you may also sign up for tours which speak Spanish or Chinese. This of course makes it easier to comprehend and ask questions concerning the properties and the procedures for buying a foreclosed property.

When signing up for a short sales Las Vegas Bus Tour, you will be required to provide your name, e-mail, phone number as well as the time frame for your tour. You will also be required to include the price range of properties you are interested in.

There are a few things to remember for the potential buyers looking to embark on a bus tour. The reason the house was foreclosed was because the home owner could no longer afford to pay their mortgage payments. This can also mean they’ve needed to acquire a second home finance loan, or have unsettled court claims on the property. It might also indicate they have neglected to fix the roof, plumbing issues, or some other huge task that needs to be accomplished. As long as you research your options, you’ll be able to choose the ideal home through a foreclosure bus tour.

If you are interested in seeing a number of foreclosed Las Vegas real estate foreclosures, you’ll be able to go online or even get hold of a Remax office in your local community. With mortgage foreclosures increasing and the highest they have been over the last 20 years in certain regions. It’s known that sixty eight percent of the Nation is actually vulnerable to surrendering their own residences due to foreclosures. Many real estate property businesses are involved with the researching and selling of these foreclosed properties. Bus tours allow perspective buyers to view numerous local neighborhoods around Las Vegas visiting foreclosed houses. This is an excellent way for real estate property agencies to remain competitive.

Jessica S.E. Bitts is a freelance writer that specializes in innovative techniques and has over 10yrs of market experience.

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